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story.lead_photo.caption The Four Oaks Living Center, 2600 John Barrow Road, sold last month for $5 million. - Photo by John Sykes Jr.

Searcy-based Rolling Hills H C Inc. bought two nursing homes in Little Rock last month.

The 139-unit Four Oaks Living Center at 2600 John Barrow Road sold for $5 million. The 70-unit Chenal Rehabilitation and Healthcare Center at 3115 S. Bowman Road sold for $4.1 million.

Rolling Hills financed both nursing homes with a mortgage from Southern Bank of Batesville for almost $7.9 million. The mortgage matures in 2022.

Attempts to reach Joey Wiggins, president of Rolling Hills, were unsuccessful.

Infiniti moving

Everett Infiniti Land Co. LLC sold about three acres and the improvements at the Infiniti auto dealership at 15 Colonel Glenn Plaza Drive to Glenn Ridge Crossings II LLC for $4.4 million last month.

The Everett dealership is moving to Saline County, said Chad Hendrix, an owner.

The new dealership will have a 40,000 square foot building, compared with the current 16,000 square feet, Hendrix said. The new dealership is scheduled to open Nov. 1.

Glenn Ridge Crossings II is led by Steve Landers.

The property was last appraised at $4.9 million. The dealership was built in 2012.

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Also last month, Glenn Ridge Crossings II sold the property and buildings at the nearby Steve Landers Chrysler Dodge Jeep Ram to an affiliate of the Luther Automotive Group of Minneapolis. The sale price was $4.1 million.

Dwight Everett, also an owner of Everett Infiniti, worked for Landers years ago when Landers owned a Chrysler Dodge Jeep dealership in Benton.

O'Reilly site sold

Redwood Estates LLC of Bend, Ore., paid $2.1 million last month for a building that houses a new O'Reilly Auto Parts store at 8701 W. Markham St.

The auto parts store is near West Markham Street and Fairbrook Drive.

Redwood Estates borrowed $1.1 million from U.S. Bank. The mortgage matures in 2027.

Scott R. Morgan is manager of Redwood Estates. Morgan did not return a call seeking comment on the deal.

Church moves offices

First Assembly of God in North Little Rock spent $1.3 million for the Neurorestorative Center of Arkansas property, which is across the street from the church.

The church plans to use the center's three buildings totaling about 23,000 square feet for expansion. The Neurorestorative Center, which provides treatment and services for head injury patients, has moved and no longer leases the property. The buildings are at 4500 Commercial Drive.

The seller was the Fausett Joint Revocable Trust, A.S. Fausett and his three children. Jim Hathaway of Caldwell Commercial Hathaway Group represented the seller.

The church financed the sale with a $1.3 million mortgage from Regions Bank. The loan matures in 2022.

The church at 4501 Burrow Drive has several plans for the property, said senior pastor Rod Loy.

All the church's offices will be moved from the church to the acquired properties, Loy said.

The move of offices will open up space for some of the church's ministries, he said.

One ministry -- COOL Kids or "Centered Only on Love" Kids -- focuses on special needs children, he said.

"There's a lot of these kids who can't come to church because the church is not equipped," Loy said.

First Assembly will convert space in the church for a state of the art center for those children, he said.

Space will become available for an outreach center where food and clothing are provided for the needy.

The church also will open space for an immigration ministry, which helps people take a legal pathway to U.S. citizenship, Loy said.

First Assembly has scheduled a work day Saturday for volunteers to begin renovation of the church building, he said.

First Assembly hopes to have its offices moved by mid-October and renovation completed by early next year, Loy said.

Hotel site

Pinnacle Investments of Arkansas LLC has plans for a hotel on property it acquired recently on East Fourth Street in Little Rock.

Pinnacle bought about an acre of undeveloped land last month on East Fourth Street between Rector and Collins streets for $1.1 million.

The seller was Artisan on Collins LLC. Artisan bought the property in November for $1.7 million.

The property last was appraised at $689,000.

Pinnacle Hotel Group, an affiliate of Pinnacle Investments, hopes to build a hotel with about 120 rooms, said Shawn Govind, real estate director for Pinnacle Hotel Group. There are no set plans, Govind said.

"We've been looking at that site," Govind said. "We definitely see merit in East Village. It has really started to show some growth with the breweries that are going in. Obviously, the [Clinton Presidential Center] and Heifer [International's headquarters have] been there for quite some time. There's momentum going on."

Pinnacle Hotel Group likes seeing more millennials as patrons at the breweries, Govind said.

"We'd like to go with a concept that fits 35- to 50-year-old travelers," Govind said.

Pinnacle Hotel Group owns four hotels in Pulaski County, two in Bentonville and one in Hot Springs, Govind said.

Busy Bee Liquor

Simmons Bank sold the vacant Busy Bee Liquor store at 7418 T.P. White Drive in Cabot last month for $280,000.

The buyer was Denovo Properties LLC. The property, almost two acres, was appraised at $510,000.

Patrick Melikian, a Cabot lawyer and incorporator of Denovo Properties, plans to remodel the 7,100 square foot building and open a used car dealership.

"I owned a dealership some years back," Melikian said. "I have a friend who has been in the business for ages and we've been talking about it over the years."

The dealership should open for business in early October, Melikian said.

Several years ago, Metropolitan National Bank foreclosed on the property. Then Simmons bought Metropolitan and Melikian bought the property out of foreclosure from Simmons, he said.

SundayMonday Business on 09/10/2017

Print Headline: Corporation buys 2 LR nursing homes; dealership moving, property sold

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